Northacre PLC Commitment to Invest (2530O)
September 18 2013 - 2:01AM
UK Regulatory
TIDMNTA
RNS Number : 2530O
Northacre PLC
18 September 2013
Northacre PLC ("Northacre" or "the Company")
Commitment to Invest
The Company announces that it has committed to invest GBP10
million in Palace Revive Limited.
Palace Revive Limited is a special purpose company, financed by
a variety of institutional investors, established to acquire 1
Palace Street, a property on which it has exchanged a contract to
purchase. Completion is expected to occur during January 2014. 1
Palace Street is a significant, partially listed building, in a
prime location adjacent to Buckingham Palace. Planning permission
has been granted for a residential scheme with a restaurant on the
ground floor and ancillary facilities including car parking, a gym
and spa (subject to the terms of the agreement entered into by the
Company pursuant to Section 106 of the Town and Country Planning
Act 1990).
The investment is to be funded from Northacre's current and
future cash resources and it is currently intended that, following
completion, Northacre will be appointed as development manager to
Palace Revive Limited. It is expected that it will receive
development management fees, and have a carried interest in profits
accruing to Palace Revive Limited from the completed
development.
Niccolò Barattieri di San Pietro, Chief Executive Officer,
commented:
"I could not think of a better commencement to my tenure as CEO
than with participating in the acquisition of an interest in 1
Palace Street. Securing such a significant development is a
testament to the acquisition abilities of the new Northacre.
Building upon our track record of delivering unparalleled
developments and creating exceptional value, we believe that 1
Palace Street will be the leading high-end residential development
in prime central London for the coming years.
Northacre's management and development team are fully committed
to replicating the success of our past landmark developments and to
achieving the Northacre premium. We intend to build upon this
opportunity and continue to actively pursue further
developments."
Enquiries:
Northacre PLC Tel: 020 7349 8000
Klas Nilsson (Non-Executive Chairman)
Niccolò Barattieri di San Pietro (Chief Executive Officer)
finnCap Ltd Tel: 020 7220 0500
Stuart Andrews
Henrik Persson
This information is provided by RNS
The company news service from the London Stock Exchange
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